Oil Discovered in Cebu

**yebo** · January 11th, 2014 03:19 PM

100-200 BOPD.

read it again guys. That's ONE HUNDRED -TWO HUNDRED BARRELS OF OIL PER DAY. 1 barrel of oil is equal to 159 liters, so that is 15900 - 31800 liters per day of oil. It is but a drop in one very big bucket.

the only reason it is economically viable is it is close to shore, close enough to put s short pipeline and then truck it.

**ghosthunter** · January 11th, 2014 05:48 PM

Originally Posted by BratPAQ

Oil discovered in Cebu close to shore | ABS-CBN News

I want to understand, although test stage pa lang, if this pulls through, will there be any significant impact on our fuel prices? Bababa ba sya to level of Malaysia? or wala lang to?

It will not make any effect to our fuel or power prices because the well production is simply too small. BUT if this is a start of a LARGE oil field that can produce tens of thousands of barrels a day, then we might actually see some effects (if it doesn't get diverted to some politician's pocket like what happened to the natural gas well fund).

**ghosthunter** · January 11th, 2014 05:51 PM

Originally Posted by boybi

But if the oil find will be substantial, the government may subsidize the local pump prices from the earnings from the Cebu oil.
Also, mababawasan ng import duties ang oil from Cebu.

That is, if the investors and their government counterpart will not be greedy and just pocket the extra earnings/savings and not pass it on to motorists/consumers.

Any earnings/savings from the oil field will go to some sort of "social fund" then later the money will suddenly vanish into the bottomless pit of a half dozen politicians....

**falken** · January 11th, 2014 06:33 PM

Originally Posted by boybi

But if the oil find will be substantial, the government may subsidize the local pump prices from the earnings from the Cebu oil.
Also, mababawasan ng import duties ang oil from Cebu.

That is, if the investors and their government counterpart will not be greedy and just pocket the extra earnings/savings and not pass it on to motorists/consumers.

Like the Malampaya gas fund, it'll go to the crooked politician's pockets again.

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**Monseratto** · January 11th, 2014 07:00 PM

Yung Malampaya gas pumupunta sa mga electric generators...but do you see your electric bills going down???

**SiRbossR** · January 11th, 2014 11:53 PM

Well, I hate to expect but this is the Pelipens isn't it?

**innova2006** · January 12th, 2014 09:21 AM

tama kukurakutin lang ng mga government officials yan na greedy at tataasan pa ang presyo ng gasolina at diesel

**badkuk** · February 3rd, 2014 02:50 PM

Guys patanong naman...i checked out gas2grid's website, apparently this discovery is part of an area called SC-44 for which they have exploration rights.

How does that work? Who "owns" SC-44? Does it mean they can drill wherever they want?

**niky** · February 3rd, 2014 03:26 PM

The government owns the area. They sell exploration rights, the companies have to pay royalties off the profits.

Or that's my understanding, at least.